New Zealand's T&G Global sells processed food arm to Cedenco
New-Zealand fruit and vegetable business T&G has sold the major assets of its processed food subsidiary ENZAFoods New Zealand for an undisclosed sum to local peer Cedenco.
Through the sale of the division, T&G Global intends to exit the processed foods business and focus on its core business of growing, sourcing, packing and marketing fresh produce.
- Saudi dairy firm Nadec to buy Al Safi Danone through $143mn capital increase
- HelloFresh to buy organic meal-kit rival Green Chef
- Henkell buys a majority stake in cava producer Freixenet for €220mn
Cedenco is a natural fruit and vegetable ingredient producer which takes fresh produce and turns them into purees, pastes, individually quick frozen foods (IQFs) and powders.
ENZAFoods New Zealand (which has been trading as T&G Foods) is also focused on fruit processing and, under the deal, Cedenco will gain control of the brand’s processing business, employees and assets in Hastings, New Zealand, and the fruit ingredient assets in Nelson, New Zealand.
T&G’s pipfruit division, the country largest exporter of apples and pears, has also agreed on a long-term apple supply agreement with Cedenco for processing apples.
"T&G Foods’ people, products and production facilities will benefit from being owned and operated by Cedenco and NZ Apple Products Limited who are both focused on fruit processing and are willing to invest for the long-term," said Tim Clarkson, chief strategy officer for T&G.
“The New Zealand apple and pear industry needs good fruit processors and T&G is delighted to have such strong local partners to take the business forward.”